Too Many Office Buildings are 'Literally Obsolete,' Says Canyon's Friedman

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David Rubenstein

David Rubenstein

Күн бұрын

Canyon Partners Co-CEO, Co-Founder, and Co-Chairman Josh Friedman discusses the current market for distressed real estate debt. In an excerpt of "Bloomberg Wealth with David Rubenstein," Friedman describes a portion of the office building stock as "literally obsolete". This interview was recorded May 28 in New York.
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Пікірлер: 303
@JorgeVazquezT.
@JorgeVazquezT. Ай бұрын
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@EdgarMarcos-ti2yx Ай бұрын
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@DanielM-j2d
@DanielM-j2d Ай бұрын
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@kelinicole-r5t Ай бұрын
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@DanielM-j2d Ай бұрын
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@LarryJohnson-g7h
@LarryJohnson-g7h Ай бұрын
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@jeffj2495
@jeffj2495 2 ай бұрын
Just a few years ago, i interviewed for a job that was downtown (commute, cruddy parking, etc). That sucks about 1.5 - 2.0 hours extra out of your day. Soon after that I found a decent job in the outskirts of the city - nearby, no traffic, parking right outside the building. Why would anyone want to work in those office buildings at all? Ever?
@TBonerton
@TBonerton Ай бұрын
As someone who has worked in them for almost two decades and recently got out of it, I will tell you that it is sickening to enter some of them. The HVAC systems circulate stale air and illness all day long. No such thing as fresh air. Office jobs suck the life out of you in many ways.
@jeffj2495
@jeffj2495 Ай бұрын
@@TBonerton Hi T - i also worked in similar offices for decades. In the last one, the air units were right above the floating ceiling. We looked up there. NONE of them had filters on them. Basically they were recycling cruddy air and human skin particles all day....just like you said.
@user-or6yn8pm3c
@user-or6yn8pm3c Ай бұрын
There's no need to work in an office anymore. No one wants to get up two hours early to go somewhere far from home and repeat that at the end of the day.
@10MM-MAGAMAN-420
@10MM-MAGAMAN-420 Ай бұрын
An hour is not bad at all Americans so spoiled
@user-or6yn8pm3c
@user-or6yn8pm3c Ай бұрын
​@@10MM-MAGAMAN-420One hour a day traveling is nothing but if you are in a big city the commute is much longer than that. Try three or four hours a day.
@amandawalton8044
@amandawalton8044 2 ай бұрын
Companies led to their own demise on this. No one asked for open concept offices, being spied on all day, glass walls, playing musical seats and just plain awkward and uncomfortable environments. Cubicles were even better than what we have now and that is saying something because those s*cked too
@tadmarshall2739
@tadmarshall2739 Ай бұрын
I had a cubicle with a floor-to-ceiling window overlooking New York Harbor with a view of the Statue of Liberty. It sucked less than most cubicles ...
@dojadog4223
@dojadog4223 2 ай бұрын
If only there was a major housing shortage or something.
@wcswood
@wcswood Ай бұрын
But there isn't. They've got units sandbagged coast to coast so that they can keep the rent sky high. And they are using software to do it. Being investigated as a conspiracy by the feds as we speak.
@jkacvbhijfn
@jkacvbhijfn Ай бұрын
You can’t convert office space to residential easily. There’s many things you gotta do to make an office livable but let’s just use water as an example. In an apartment building, every unit needs a shower, sink, toilet, kitchen sink, maybe even a washer. Think about how much water an office floor uses. Maybe 4-5 sinks? A few toilets? Commercial buildings therefore aren’t built to handle water demands of residential. Now multiply that across all areas
@s0nnyburnett
@s0nnyburnett Ай бұрын
@@jkacvbhijfn Its expensive but not impossible, they're converting old factories in my town into apartments, takes a couple years to gut and plumb and add AC and turn into a living space.
@dojadog4223
@dojadog4223 Ай бұрын
@@jkacvbhijfn Yes plumbing. Laying a few pipes is real high tech business..
@alexdumortier
@alexdumortier 2 ай бұрын
Friedman has a first-rate tailor and shirtmaker. The collar on that shirt is perfection.
@DARKT00TH
@DARKT00TH 2 ай бұрын
Ever since I can remember I been poppin my collah
@JEdwarrd
@JEdwarrd 2 ай бұрын
He can dress well with all his stolen wealth. So happy your morals are that pathetic.
@Steve-wl5cr
@Steve-wl5cr Ай бұрын
And those glasses! One classy dude for sure
@piccalillipit9211
@piccalillipit9211 Ай бұрын
Im a semi-professional tailor of men's historic suits [1890 - 1940] - I was thinking the same. Absolute perfection, brass collar stiffeners in the shirt
@AaronSumida
@AaronSumida Ай бұрын
What are brass collar stiffeners? Any estimated guesses from either of you what brands he's wearing? Or assigning a dollar amount to shirt, suit, tie, etc.?
@bvanderford
@bvanderford 2 ай бұрын
So we are stuck with these buildings for now. But in the end many are just tear downs. Thank you for speaking some truth
@etchedinstone7562
@etchedinstone7562 2 ай бұрын
That's not truth, just foolish policy.
@1525boy
@1525boy 2 ай бұрын
@@etchedinstone7562Why is that foolish policy?
@SRofKings
@SRofKings 2 ай бұрын
We? We are stuck? What’re you talking about?
@JEdwarrd
@JEdwarrd 2 ай бұрын
@@1525boy LOL.... they create the problems they tell us they need to sell us the solutions. and you ask why is that foolish policy? lol LOL lol
@newagain9964
@newagain9964 Ай бұрын
@@SRofKingsbecause they won’t turn the properties/land into (affordable) housing. 💁‍♂️
@ChristianGoin
@ChristianGoin 2 ай бұрын
They're like giant VHS tapes
@cuzmariosaidso
@cuzmariosaidso 2 ай бұрын
I 🤔 wonder how many different state pension funds across the country are holding that 20% obsolete CRE loans 💸
@nobodysfool2232
@nobodysfool2232 2 ай бұрын
Very few. The preponderance of CRE loans are on regional bank balance sheets. Insurance companies also maintain ~15% allocations to CRE loans, but have shifted away from office and retail the last few years. The remainder of CRE loans go to conduit securitizations, and pensions generally have very low allocations to CMBS.
@containercore6832
@containercore6832 2 ай бұрын
Malls, strip malls, office buildings, these things were all products of bad zoning and public planning and they're all falling apart.
@Strykenine
@Strykenine 2 ай бұрын
What I don't understand is how these buildings will survive the AI transition. Are these buildings compatible with AI? Will they be able to integrate AGI? I don't see how AI can get through the doors, it's really big from what I've heard.
@johntthurmon
@johntthurmon 2 ай бұрын
😂 nice
@GamesFromSpace
@GamesFromSpace Ай бұрын
I asked an AI how to solve this problem for AI, it said AI could solve it.
@tommyfu9271
@tommyfu9271 2 ай бұрын
Why would anybody use buildings in expensive cities as data centers? Makes zero sense.
@calculuscondensed812
@calculuscondensed812 2 ай бұрын
Very very good networking + electricity infrastructure very close to consumers. So if the rent is cheap due to the office bust, why not!
@mitchbayersdorfer9381
@mitchbayersdorfer9381 2 ай бұрын
There are certain places where networking latency costs money - ie the further the data center is away the more money they lose. Wall Street is an example of this.
@electrostatic1
@electrostatic1 2 ай бұрын
​@@calculuscondensed812 The problem is rent is only "cheap" until they find out you are in place and making a profit.
@Strykenine
@Strykenine 2 ай бұрын
It is where the IT professionals are.
@andrewsievers8136
@andrewsievers8136 2 ай бұрын
Look at the costs of data centers that Microsoft and others are building in the midwest. Microsoft is building their 6th in Des Moines, with a single 1.8 million square foot center costing over a billion dollars. So it makes sense if they can buy these buildings at a fractionr of their original value. And I'm sure these cities and states would be offering insane incentives to these companies to fill otherwise obsolete high rises.
@Bufford2024
@Bufford2024 2 ай бұрын
Obsolete ... beyond bankruptcy.
@AnhNguyen-hn9vj
@AnhNguyen-hn9vj 2 ай бұрын
lol. the investment is not going from billions into zero but into debt by mean of negative balance. oh shyt lol
@jeffreyhunt1727
@jeffreyhunt1727 2 ай бұрын
You don't need to add "literally", you can just say they're "obsolete" and it would mean what you intend it to mean.
@maxmusdan2484
@maxmusdan2484 2 ай бұрын
Two of the most overused words are literally and existential.
@DARKT00TH
@DARKT00TH 2 ай бұрын
This election is literally existential
@someyoungguyjohnson7239
@someyoungguyjohnson7239 Ай бұрын
​@@maxmusdan2484 I would add "I feel".
@nobodysfool2232
@nobodysfool2232 2 ай бұрын
It’s not isolated to office: many apartment buildings in the city are obsolete. Doesn’t stop them clearing at the world’s highest rents.
@susettesantiago5509
@susettesantiago5509 2 ай бұрын
Yes……we have condos for half a million dollars and no jobs that pay enough to afford them……..so they are empty…….
@generator6946
@generator6946 2 ай бұрын
We are on the cusp of a giant change. Politically. Economically. Socially. All these have reset or are about to reset. Even now, Capital is repositioning. Billions of people either are stranded or soon will be. Sigh …
@glengosling5636
@glengosling5636 2 ай бұрын
You said nothing. Waffle.
@SuperMassman
@SuperMassman 2 ай бұрын
Technology changed,, that changed society. These cities were established during the horse and buggy days, ,, we adapted new technology to old buildings but at some point, ,, there's a better way of doing things and people abandon opsolet tools.
@ft9kop
@ft9kop 2 ай бұрын
Now we have fiber optics and 5g allowing white collar jobs to be done anywhere. If managers bitch, than make an mmrpg of an office and tell them you've been working from him me since 1st grade...it was called homework
@danielkenney7768
@danielkenney7768 2 ай бұрын
No one predicted the power of old daddy internet.
@dionwall5519
@dionwall5519 2 ай бұрын
So a glut of office space in areas with housing shortages?
@jamesmurphy449
@jamesmurphy449 Ай бұрын
what a puzzler! there must be like *no* solution to a problem that complicated.
@hermanndercheruskerfurst9095
@hermanndercheruskerfurst9095 Ай бұрын
You going to install a shower in your cubicle?
@gregorylatiak3333
@gregorylatiak3333 2 ай бұрын
Gotta love a throwaway society on this sort of scale...
@NormFC
@NormFC Ай бұрын
Too many CEOs pay themselves vs investing in their own talent and infrastructure
@KevinOlsen-cd9ez
@KevinOlsen-cd9ez 2 ай бұрын
Hm....wonder if giving people actual offices instead of cubes will lure them back... probably too late.
@allthingsnu4673
@allthingsnu4673 2 ай бұрын
I doubt it would make that much of a difference at this point. Most people want to work from home.
@kittyhinkle3739
@kittyhinkle3739 2 ай бұрын
Maybe if they charged rent someone could afford they could turn them into apartments but nooo they envision “luxury flats” for $5000 a month for something that looks like exactly what it was. An office. Not a home.
@aaron___6014
@aaron___6014 2 ай бұрын
The taxes and rules for apartments are way different and office spaces are like tax havens. The government helped protect renters but also has helped make it way more expensive for renters.
@billyj.causeyvideoguy7361
@billyj.causeyvideoguy7361 2 ай бұрын
Its because every company wants to maximize profit on paper (but not for real). So they target only rich people. Its like when the ceo of McDonalds said he sees them as “a luxury brand” when they were jacking up prices. Its stupid and they always lose more than if they had a more realistic strategy.
@aaron___6014
@aaron___6014 2 ай бұрын
@@billyj.causeyvideoguy7361 true. But the CEO of Don's really said something that stupid? I only visit Culver's now.
@jmd1743
@jmd1743 2 ай бұрын
They're 5000 dollar apartments to avoid the bank taking the properties away, if they became reasonable then they're suddenly not was as much which defaults a loan. They can sit empty due to the tax code.
@wjatube
@wjatube 2 ай бұрын
They're not zoned residential. They don't meet codes that define what a home is and all the safety regs that go with it.
@andrewhoover4641
@andrewhoover4641 Ай бұрын
Think there is a major price reset coming for the urban office markets in the US?? Recall the domino effect in rents that occurred in the early 90’s?
@oldcat87
@oldcat87 2 ай бұрын
CRE are overvalued, SFH are undervalued, simple as that
@dadevi
@dadevi 2 ай бұрын
Turn them into apartments. It's a shame there are so many homeless because apartments are unaffordable. And people like this are part of the problem!
@kennixox262
@kennixox262 2 ай бұрын
A lot of office buildings, but not all, are difficult at best to convert into residential units. This is due mainly to the depth of the floor plate which is great for offices but not so great for residential units that require windows and daylight.
@TurnkeyTrading
@TurnkeyTrading 2 ай бұрын
who will pay for those apartments every month?
@kennixox262
@kennixox262 2 ай бұрын
@@TurnkeyTrading Tenants.
@Rubbernecker
@Rubbernecker 2 ай бұрын
Housing for the homeless? Do the homeless people pay for that? Or do I?
@kennixox262
@kennixox262 2 ай бұрын
@@Rubbernecker I doubt that you that much in taxes. What I am talking about, is MARKET rage units in converted high-rise office buildings. Comprehende.? I know that FOX News has skewed your brain. Sorry about that but it is your problem not mine. You see, MAGA people like you don't mind getting government handouts but the moment a person of color does, all hell breaks loose. This why we don't have nice things in this country. Racists like you way back in the 1960's. Public pools in many places because they had to be integrated. The racists have none of that thus NO one could have a public pool. That his why we have country clubs and private day schools. You MAGA people will never ever learn.
@davidcarlin3850
@davidcarlin3850 Ай бұрын
I have a bank holding a property next to me that was foreclosed nearly two years ago and will not ease the price on the auction for a reserve price, so there it sits boarded up month after month.
@ReglazeRX
@ReglazeRX Ай бұрын
But they hire people to keep up the property creating a job.
@nickfarley2268
@nickfarley2268 2 ай бұрын
Vast swaths of cities lying empty for years because it’s easier for the bank’s cap tables. Behold the efficiency of the free market! /s
@johngoldsworthy7135
@johngoldsworthy7135 2 ай бұрын
It’s not a free market
@internetpointsbank
@internetpointsbank 2 ай бұрын
Bailing out SVB is a indicator of something other then free market
@normjohnson4629
@normjohnson4629 2 ай бұрын
Need to start converting commercial to residential.
@sylvan47070
@sylvan47070 2 ай бұрын
Working in cities is literally obsolete. Modern communications has negated the need to work in large cities. Until the banks acknowledge the fact that, but for a tiny proportion of the population, no one wants to live or work in a city, this problem will get worse.
@italianbeans877
@italianbeans877 Ай бұрын
You are assuming that someone who doesn’t want to work in a city also doesn’t want to live there. I think plenty of people would love to live in a city simply because they want to enjoy amenities and social opportunities not offered at such large a scale by suburbs and smaller towns.
@sylvan47070
@sylvan47070 Ай бұрын
@@italianbeans877 I acknowledged that tiny proportion of the population. Learn to cook. There. Now even that population doesn't want to live there.
@TC8787-yq7og
@TC8787-yq7og Ай бұрын
I love living in a city but hate working in one, but yeah you’re right about the banks
@mrscottygreenwood
@mrscottygreenwood 2 ай бұрын
Haha i wonder how many was considered “obsolete”say three years back
@jackuzi8252
@jackuzi8252 2 ай бұрын
3% interest rates cover up a lot.
@SeanWork
@SeanWork 2 ай бұрын
Lol I wonder what the copper and steel of a skyscraper is worth these days.
@boby115
@boby115 2 ай бұрын
6 cents a pound for steel and copper anywhere from $2.50 to $3.50 a pound (copper is a commodity, it goes up and down on a daily basis). As a building owner get what you can before the wrecking company comes (the wrecking company gets their estimated fee (bid ) plus all the scrap metal they separate). I just had one torn down and leasing the land so Chase Bank can build another branch. You couldn’t give me a C office building today.
@SusiesRepeat
@SusiesRepeat Ай бұрын
Yes but what about all that asbestos.
@SeanWork
@SeanWork Ай бұрын
@@SusiesRepeat hmmmm well if they were built after the 70s? ... I think you're good. If they were built before the 80s maybe they already performed the removal. But definitely something to watch out for..
@xpat73
@xpat73 2 ай бұрын
A reckoning is coming.
@DARKT00TH
@DARKT00TH 2 ай бұрын
Is it safe? Is it secret?
@weatherlou
@weatherlou Ай бұрын
…and it will be ugly, making covidiocy seem like nice times in retrospect.
@MarcoBonechi
@MarcoBonechi 2 ай бұрын
That's why the businesses should have paid taxes to build public transportation. The commute is why people don't want to go in.
@paddyoak1
@paddyoak1 Ай бұрын
The crime! The crime is why I wouldn’t ever go into any city right now. Public transportation?! You crazy?!😮
@hueywallop2461
@hueywallop2461 2 ай бұрын
No data presented, just jargon & hand-waving.
@DARKT00TH
@DARKT00TH 2 ай бұрын
More hand waving please! Yaaaas Queen!
@brentcormier6775
@brentcormier6775 2 ай бұрын
Housing for those who need it?
@harleyed5052
@harleyed5052 Ай бұрын
Yep- RATES Yuck... Grandmother had inheritied an appartment with 2 rooms with close to $30,000.00 rates to pay per year... don't even understand how it was sold. secondly imagine iF you owned a Whole flood! and that half of it was opened like a veranda- for plants or kitchen/garden which water comes down from the last dude showering or kitchen excess... Owner could open his place a restorant once a week, or retail or entertain.. Could Own Great Artworks or have a work space... Why are we building smaller and smaller cages, with narrow corridors... even why dont people build homes with Masssive strength roof, so that they can sell their roof for somebody else to develop their home... or else just build underground or else just have a tent on a few sqmeter of owned land in the city.. WOwowo
@MrFraiche
@MrFraiche Ай бұрын
Office building is the new Compact Disc.
@kaspar_1982
@kaspar_1982 2 ай бұрын
big deal. It's time for a massive demolition and rebuilding. this is great news for those involved with this industry.
@stephanbushnell6090
@stephanbushnell6090 2 ай бұрын
...as opposed to figuratively?
@DARKT00TH
@DARKT00TH 2 ай бұрын
Not figuratively, literally. Literally, I cant
@gregorysagegreene
@gregorysagegreene 2 ай бұрын
Go ahead, that top floor is pancaking, so "work your way down" that 'capitalization structure'. The words they use never change.
@walterht8083
@walterht8083 2 ай бұрын
Can't these old office buildings be modified to turn them into apartment buildings?
@peatyxxjxxx1494
@peatyxxjxxx1494 2 ай бұрын
People will tell you no. Its too expensive. Cheaper to tear down and rebuild. If you can convince people to live in a place where they have to share bathroom facilities then you could reconfigure any office building into an apartment complex.
@Steve-wl5cr
@Steve-wl5cr Ай бұрын
@@peatyxxjxxx1494 And the other issue is that larger office buildings are too wide/deep, which means some of the apartments would have barely any (or no) natural light. You'd have to cut a big hole through the center of the building :p
@diegoflores9237
@diegoflores9237 Ай бұрын
It's expensive and would only make sense if catered to the wealthy. So wouldn't help the middle and working class
@lanceres5spd
@lanceres5spd Ай бұрын
Looks like Larry Silverstein was ahead of everyone when he decided to pull his towers 😂
@19valleydan
@19valleydan 2 ай бұрын
Owners will hold these buildings forever in hopes of a big payday when something turns. A lot of stuff that got redeveloped in Times Square in the '90's had been sitting for 30 or 40 years doing very little. Anything in Manhattan "should" be worth a huge amount of money simply since it's in Manhattan, so they wait, if necessary for generations. Only cure would be establishment of an alternative financial center elsewhere in the country, but since the big shots like to hang out with each other in NYC there's a huge part of this that's driven by culture regardless of the economics. There's only so much Manhattan to go around, and if you won't pay, you can't play.
@jmd1743
@jmd1743 2 ай бұрын
Tax the empty structures.
@kennixox262
@kennixox262 2 ай бұрын
Miami.
@someyoungguyjohnson7239
@someyoungguyjohnson7239 Ай бұрын
Can they not renovate some of these office buildings and resell them as condominiums?
@bingdong8571
@bingdong8571 Ай бұрын
Low ceilings? Really? Low ceilings!?
@TheHomeman
@TheHomeman 2 ай бұрын
Some of those buildings should be turned into health clinics and clinics. Schools,malls and apartments.
@Suzanne-f4x
@Suzanne-f4x 2 ай бұрын
Why?
@normjohnson4629
@normjohnson4629 2 ай бұрын
Indeed there is a shortage of all of those. How about some low income housing and get some of those people off the streets maybe.
@DARKT00TH
@DARKT00TH 2 ай бұрын
Why not just turn them into office buildings?
@rodhoover9158
@rodhoover9158 3 ай бұрын
Irony: Empty Buildings, homeless living in front of them. We can do better.
@KK-pm7ud
@KK-pm7ud 3 ай бұрын
Yes. The homeless can get jobs and pay their fair share.
@Tkenny35
@Tkenny35 3 ай бұрын
You have the right heart but not a logical mind. Lets just give homeless people free housing while regular tax payers pay for it... Sorry life isnt that easy. If it was, Id just be homeless because I know they'd give me free housing in an empty high rise LOL
@rustler160
@rustler160 3 ай бұрын
Is that Gavin Newsom speaking?
@IUEC38
@IUEC38 3 ай бұрын
We already provide free housing for the homeless, smart guy. And yet, you’re not homeless. I guess the world doesn’t work the way you think it does. Turns out that people aren’t driven to homelessness by laziness.
@IUEC38
@IUEC38 3 ай бұрын
The majority do work, smart guy.
@DwightStJohn-t7y
@DwightStJohn-t7y 2 ай бұрын
I didn't see his last name was "Friedman" before I thought,,.........geez, this guy looks just like Milton!!!
@chrisforslund8034
@chrisforslund8034 2 ай бұрын
Pigs get fat; hogs get slaughtered.
@lovecraftscat2420
@lovecraftscat2420 Ай бұрын
Oy vey! It’s a Rubenstein!
@idwtgymn
@idwtgymn 2 ай бұрын
No building has negative structural value for the reasons he describes in NYC without government interference. If there were no restrictions on residential conversion, it wouldn't take much to install some kitchens and bathrooms and call it an apartment building. Even at half the median rent in NYC due to bad floor plans and such, that would still make a really high yield per square foot that would create a huge return on capital for the cost of conversion. The only explanation for that not happening is that the government is getting in the way.
@edwardp3502
@edwardp3502 2 ай бұрын
Kinda simplistic view. It’s not as easy as adding a few bathrooms. There are residential fire codes, square footage requirements, laundry rooms, structural changes, amenities that are expected to attract buyers, etc. And many folks don’t want to live in Downtown San Francisco or NYC’s Financial District as there are no supermarkets, entertainment venues, etc.
@idwtgymn
@idwtgymn 2 ай бұрын
@@edwardp3502 You could try understanding it before calling it simplistic. Half of what you said supports my point, where you list how the government gets in the way with things like fire codes, square footage requirements, etc. Everything else you list pertains to the attractiveness of the units that would be created by such bare bones conversions, which I addressed by stating they would rent well under the going rates for similar sized units. If I had a middle income in NYC and I could save over $1000 a month by dealing with all the inconveniences you said, I would gladly do so.
@miketuttle9319
@miketuttle9319 2 ай бұрын
@@idwtgymn I’m guessing people in the real estate business can look at the cost of conversion and charging less rent and figure out if there is a sufficient roi. As for the government getting out of the way, i.e. relaxing fire codes, we live in the 21st century, not the 19th.
@idwtgymn
@idwtgymn 2 ай бұрын
@@miketuttle9319 People like you are the problem. If you are opposed to relaxing fire codes when you don't even know anything about the actual fire safety situation, you are ignorantly getting in the way because someone said the word "safety" and you shut off your brain. Any one of those buildings as it currently stands is 10 times as fire safe as a regular house, blocking use of the property drives up the cost of housing for no good reason and so makes everyones' lives worse. That is what your mindless adhearance to the government every time they say "safety" accomplishes.
@erwind917
@erwind917 2 ай бұрын
@@idwtgymn The government is always getting in the way with silly things like rules to help people from burning alive in case there’s an accident.
@Viking102938
@Viking102938 Ай бұрын
Its never going to get better
@MH44444
@MH44444 2 ай бұрын
Is this supposed to explain the vacancy rate for business space in NYC? The building is obsolete?
@wjatube
@wjatube 2 ай бұрын
I think that term is related to the repurposing of them. I prefer to call them a diminished commodity as renters have so many other suitable choices.
@MH44444
@MH44444 2 ай бұрын
@@wjatube No not entirely according to what he said. He's blaming the layout of the space as part of the cause as to why business don't want to rent. That's a total misreading of what is actually happening.
@aa-qx1cg
@aa-qx1cg Ай бұрын
HAHAHHAHAHAHAHAHAHAHHAA
@kevinroberts8441
@kevinroberts8441 2 ай бұрын
What about giving a tax break and turning them into homeless shelters
@ReglazeRX
@ReglazeRX Ай бұрын
We have shelters that are empty. You can't use those commercial buildings as residences. Who's going to keep the insane homeless calm on the 35th floor? You? You don't even know what you're talking about anyways 😂 Take them into your own home and be a real hero.
@hermanndercheruskerfurst9095
@hermanndercheruskerfurst9095 Ай бұрын
You trying to create a Judge Dredd scenario?
@wooddawg4868
@wooddawg4868 Ай бұрын
Technology and the internet have changed the game. America never thought those office towers in big cities would go vacant and unused like they are now, a person can do and run an entire business or department on a tablet. The rescue plan would be to convert most of these office towers into living spaces.
@Mobius03692
@Mobius03692 2 ай бұрын
And you’re just noticing this? Hers a real question, why haven’t these owners sued the local or state governments who caused this hmmmmm? Is the US government involved in compensating them for this? Yup- the real ugly truth!!!
@rmrobertmcgillivray
@rmrobertmcgillivray 2 ай бұрын
force office workers back to the office, problem solved
@rrotwang
@rrotwang 2 ай бұрын
Turn the old office buildings into apartments
@ronaldlindeman6136
@ronaldlindeman6136 2 ай бұрын
There are other KZbin videos that talk about the process. But not many commercial office buildings are convertible to apartments.
@mojoman327
@mojoman327 2 ай бұрын
NYC and maybe San Francisco are the only two cities where high rise makes sense. Everywhere else it's just ego.
@phammond8155
@phammond8155 2 ай бұрын
Imagine how different and better our world would be without the fragile "ego" . . . . so much waste for one man's insecurities.
@TheNobleFive
@TheNobleFive 2 ай бұрын
San Francisco is famous for how few high rises it has. There are actual height limitations to a lot of zoning in that city to prevent high rises. If a city is large enough it makes sense to build high rises so people don't have to move as far to get to a destination.
@mojoman327
@mojoman327 2 ай бұрын
@TheNobleFive I disagree. In the the Midwest and South, with their abundance of land, there is no need for 80 floor high rises.
@r.pres.4121
@r.pres.4121 2 ай бұрын
Boston is another compact city where skyscrapers make perfect sense.
@ApriliaRacer14
@ApriliaRacer14 2 ай бұрын
Oy vey!
@interests3279
@interests3279 2 ай бұрын
Oy vey
@DARKT00TH
@DARKT00TH 2 ай бұрын
Cool it with the anti semitism
@PaulScherdell
@PaulScherdell 2 ай бұрын
Affordable housing isn't obsolete.
@DARKT00TH
@DARKT00TH 2 ай бұрын
Literally…it is
@captiannemo1587
@captiannemo1587 2 ай бұрын
There’s been stupid amounts of unoccupied offices for decades because NOT RENTING is great for loans (collateral) as the buildings retain their high values from the last renters who rented.
@tomprieto5574
@tomprieto5574 2 ай бұрын
great summary!
@joeshmoe-rl7bk
@joeshmoe-rl7bk 2 ай бұрын
AGENDA 2030
@TheNobleFive
@TheNobleFive 2 ай бұрын
Project 2025
@cato451
@cato451 2 ай бұрын
Simple solutions to build residential duh
@edwardp3502
@edwardp3502 2 ай бұрын
Good points. Buildings erected in the 1890s and early 1900s were woefully outdated by the 1960s. Office buildings erected 60 years ago are just as old and obsolete. They were built for a very different market that couldn’t anticipate the needs of businesses in the 2020s.
@shelbynamels7948
@shelbynamels7948 2 ай бұрын
... or even earlier. The lifecycle of a NYC office building is notoriously short.
@LetomDeCambrai
@LetomDeCambrai 2 ай бұрын
Outdated means nothing !
@shelbynamels7948
@shelbynamels7948 2 ай бұрын
@@LetomDeCambrai Outdated means not competitive !
@edwardp3502
@edwardp3502 2 ай бұрын
@@LetomDeCambrai It does if you want to run a modern business and make money.
@1525boy
@1525boy 2 ай бұрын
At least the older buildings that you alluded to can be converted to residential housing.
@buzzcrushtrendkill
@buzzcrushtrendkill 2 ай бұрын
Who wrote the title? A millennial? "literally". 😆
@containercore6832
@containercore6832 2 ай бұрын
It's a direct quote from the interviewee. 1:00
@buzzcrushtrendkill
@buzzcrushtrendkill 2 ай бұрын
@@containercore6832 I didn't catch that. But funny how he picked up on the current lexicon. Usage of the word where it isn't needed. 😄
@lokesh303101
@lokesh303101 2 ай бұрын
Never blame the Interest Rates as the Market Values are Independent. The Business Models in giving Occupancy for different categories of Work and Living are determined from the Economy's Purchase Power but when can be given at Right Pace the Downtown Real estate is all Good with the Floorspace Ratios but not to be in Shanty Towns.
@smoothemusic4386
@smoothemusic4386 2 ай бұрын
This hurt my brain
@jogmas12
@jogmas12 Ай бұрын
NYC needs a flatter low rise office landscape
@matthewcondon5187
@matthewcondon5187 3 ай бұрын
You can thank Blackrock & WEF for scaring everyone away. Also, those people have a false sense of reality & momentum because of ESG.
@stevenhenry5267
@stevenhenry5267 2 ай бұрын
😭
@GreeneJack
@GreeneJack 3 ай бұрын
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
@Adrianascott-jr4in
@Adrianascott-jr4in 3 ай бұрын
Excuse me for real?,how is that possible I have struggling financially, how was that possible?
@GreeneJack
@GreeneJack 3 ай бұрын
I always appreciate God for his kindness upon my life
@GreeneJack
@GreeneJack 3 ай бұрын
Thanks to Elizabeth Marie Hawley.
@JamesRodriguez-lj5xk
@JamesRodriguez-lj5xk 3 ай бұрын
YES!!! That's exactly her name (Elizabeth Maria Hawley) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺
@EcstaSea-g9v
@EcstaSea-g9v 3 ай бұрын
I have heard a lot of wonderful things about Elizabeth Maria Hawley on the news but didn't believe it until now. I'm definitely trying her out
@PilotVBall
@PilotVBall 2 ай бұрын
Those old buildings can all be turned into data centers. But nothing in the deplorable United States is of any value.
@412StepUp
@412StepUp 2 ай бұрын
You’re an ignorant spoiled brat. You take the USA for granted. Yes there is problems and bad things about the country. But to say it’s deplorable makes you deplorable. And what are you even talking about saying that there’s nothing of value in the country. What world are you living in?
@annoyedok321
@annoyedok321 2 ай бұрын
Data centers require large amounts of cooling and wire passthrough. They don't need expensive locations to build on. It's cheaper to build a warehouse style building outside a small city like Omaha or Des Moines.
@FundzLord-cv5dj
@FundzLord-cv5dj 3 ай бұрын
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
@serafinacosta7118
@serafinacosta7118 3 ай бұрын
Pitching a get rich quick scheme ? Go away.
@missamae34
@missamae34 2 ай бұрын
Makes no sense
@Ukepa
@Ukepa 2 ай бұрын
yes, Arthur C Clark and others have said that cities are obsolete which seems true in a lot of cases!!!
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